The Ripple price (XRP/USD) has dropped below the $0.50 mark after experiencing significant losses over the weekend.
The third-largest digital currency on the market experienced a sharp drop on Saturday, which sent its price below the $.50 level for the first time in ten days. The virtual coin finished the session at $0.488, down from its opening level of $0.519.
The coin continued to struggle on Sunday, with its price falling to a near two-week low of $0.469 during the late morning session. Ripple improved its performance in the afternoon part of the session, which helped it mitigate its losses for the day. The token closed the session at $0.482, below its opening price of $0.490, which remained is intraday high for the day.
Ripple saw a more positive price action during the early hours of today’s trading. The coin surged in an attempt to reclaim the $0.49 level and its price rose to as high as $0.491. However, Ripple has gradually pulled-back in subsequent trading, unable to maintain the positive momentum. At the time of writing, the Ripple price was hovering around $0.48, according to data from digital currency tracker Coinmarketcap.
In other Ripple-related news, a recent report by the World Trade Organization touched upon the potential impact blockchain and cryptocoins, such as XRP, could have on the financial sector. As reported by online publication The Daily HODL, the October 3 report, titled “The future of trade: How digital technologies are transforming global commerce”, says that blockchain has “the potential to profoundly transform the way we trade, who trades and what is traded. With regards to Ripple, the report says:
“Ripple has ambitions to circumvent the correspondent banking model through its distributed ledger platform. It gives banks the ability to convert funds directly into different currencies in a matter of seconds and at little to no cost, without relying on correspondent banks.”
In today’s trading, the Ripple price stood at $0.479, as of 10:48 BST. The coin has gained 0.9% of its value in the past 24 hours. Its total market cap currently stands at $19.1 billion.